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- On-chain statistics revealed that the exchanges witnessed an outflow of ENA worth $6.68 million.
- Ethena could rise 40% to reach the next resistance level at $1.5 if it holds itself above the $1.05 level.
Ethena [ENA] has made waves during the ongoing bull run and has received a lot of attention from crypto enthusiasts.
On December 18, 2024, a blockchain-based transaction tracker was released, Spotonchain posted on X (formerly Twitter) that a newly created wallet has acquired a significant 5.29 million ENA tokens worth $5.92 million.
However, this significant amount of ENA was acquired from Binance at an average price of $1.12.
Currently, overall market sentiment seems mixed, with assets like Bitcoin [BTC] and Ripple [XRP] that are experiencing notable upward momentum, while others are struggling and experiencing price declines.
Ethena’s bullish on-chain metrics
Amid market uncertainty, long-term holders are accumulating ENA tokens, according to analytics firm Coinglass.
ENA’s Spot Inflow/Outflow metrics show a significant outflow of $6.68 million in ENA from exchanges to wallets. This “outflow” indicates potential upside momentum and an ideal buying opportunity.
Source: Coinglass
In addition to long-term holders, traders are bullish on ENA and are betting significantly on long positions. The ENA Long/Short Ratio stood at 1.25, indicating strong bullish sentiment among traders.
At the time of writing, 55.57% of the crypto market’s top traders had long positions, while 44.43% had short positions.
ENA technical analysis and key levels
According to AMBCrypto’s technical analysis, ENA seems to be retesting the break of the horizontal level near $1.05.
Based on recent price action, if ENA holds itself above $1.05, there is a high chance that the price could rise 40% to reach the next resistance level and possibly set a new all-time high.
Source: TradingView
On the plus side, ENA’s Relative Strength Index (RSI) remained below the overbought zone, indicating the asset has room to rise in the coming days.
Combining rising interest from whales with bullish price action, it appears that bulls are currently dominating the assets. This momentum could support the asset and prevent a potential price decline.
Read Ethena [ENA] Price forecast 2024-25
At the time of writing, ENA was trading around $1.06 and has experienced a price drop of 8.5% in the last 24 hours.
During this period, trading volume fell by 40%, indicating reduced participation from traders and investors amid the ongoing price correction.
